Bitcoin Automatic Teller Machine (ATM) manufacturing pioneer Lamassu announced at the start of the new year it was moving its operations to crypto-friendly Lucerne, Switzerland. The move comes as an answer to banking woes experienced by the crypto ATM building company, something a lot of ecosystem business can sympathize with.
Lamassu Moves to Lucerne, Switzerland, After Banking Snub
“We Are Now Lamassu Industries AG of Lucerne, Switzerland, But you can still call us Lamassu,” came the Medium post from CEO Zach Harvey. They’re joining a rather vibrant canton known as Crypto Valley.
Harvey describes the scene, “Open source Bitcoin and Lightning Network nodes are being hacked together, hardware wallets are being designed and manufactured, the world’s leading cryptocurrency regulations are being carefully guided, world-class meetups and events are happening, and lots of Bitcoin ATMs are being deployed.”
The move was prompted by what Harvey explains was his company’s “struggle to maintain a bank account over the past year. And when I say struggle, I mean we’ve been bankless for the past year. We must have been rejected by fifteen banks just because we manufacture terminals for Bitcoin. Note that as a company we only manufacture hardware and take no part in trading or storing cryptocurrencies.”
Business Goes Where it is Treated Best
Indeed, Switzerland historically has been a haven for progressive business practices, offering many advantages for companies and individuals with capital they’d rather not have expropriated by government whim.
Canton Aargau, a smaller Swiss bank, granted the company “a full account at a bank that is completely aware of our business model and happy to have us on board. In fact, you should expect to see one of our [ATMs] in their headquarters early this year,” Harvey noted.
Geography for crypto-related firms is increasingly important, as Harvey also noted Stripe, the payment processor, outright rejected any association, something that would not have happened if Stripe were Swiss. Instead, they “would be able to embrace companies that experiment with innovative technologies. We’re old-timers as far Bitcoin companies are concerned, but we’re psyched to be the new kids on the block here in stunning Lucerne.”
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